How the Crypto Industry’s Political Spending Is Paying Off
At the end of a three-hour hearing last month, Senator Ruben Gallego, Democrat of Arizona, sided with a group of Republicans in a hotly contested debate. He voted to advance the GENIUS Act, a bill backed by the cryptocurrency industry.
“It’s clear that digital assets are here to stay,” Mr. Gallego said after the Senate Banking Committee hearing. Breaking from the committee’s top Democrat, he called the bill a “step in the right direction.”
The vote, 18 to 6, was only preliminary, advancing a bill that will require approval from the full Senate. But in the crypto world, it was celebrated as a moment of vindication.
Mr. Gallego is part of an increasingly influential cohort in Congress: beneficiaries of the crypto industry’s…
